No matter where you are with your diamond shopping journey, you always find yourself asking the same question: how much is my diamond ring worth? The answer is a bit complex and not straightforward.
The value of your ring is from two factors, the metal of the band and the stone. But how do you know how much either one of those are worth? This article will help you know exactly how much you ring is worth when you need to sell your ring or to finance a diamond ring on layaway option.
- Figure out the Retail Market Value of Your Diamond
Just like when you are buying a house, the value of your new home varies based on the neighbor houses worth. Diamonds work in the same way. The best way to figure out the value of your diamond is to compare it to other diamond with the same grading.
This will not give you the exact value of your diamond, because there will be no diamond that is exactly the same, even the slightest inclusion can change the of your diamond. However, you will have an idea as to what you can expect your ring to be worth.
- Know What Price the Jewelers Will Give You for Your Diamond
Sorry to say it, but the jewelers are not going to give you the retail value if you plan to sell your diamond. In addition they are buying used diamond , they are buying the damage you may have caused to your diamond like the chip on the band, or the staining of a once colorless gem, or the missing stone in the setting.
You can get anywhere from 20% to 70% of your diamond retail price is such a wide range because it depends on how you sell your ring. Selling your diamond on consignment will give you a different dollar amount then selling directly to dealer.
3 .Don’t Forget Your Diamond Ring Band
People often forget about the value of the band. A diamond ring is not complete without the ring band. You should know that diamond rings are typically made in gold. Gold is measured in carats, with 24k being the highest. When gold is 24k, it is usually too soft for jewelry use. The 18k gold, which is75% of pure gold, is usually the highest bands start at. Once you know how much your band weighs, you can find out the price per gram.
After you know you band weight and the price per gram, you can simply calculate your band value by multiply the price per gram to the gold weighs of your band.
Let’s say your band weighs 10kg multiply that number (10g) by the 75% your gold is worth and you have 7.5g of gold. From there, find out how much gold is currently worth per gram. As of this writing it is $42 dollars! 7.5g X 42.00=$315.00. You can then add the value of your diamond and the value of your band to have the total value of your diamond ring
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